Naira Plunges To 475 As Dollar Demand Rises         The naira weakened further on Monday, trading at 475 to the United States dollar in the parallel market amid a rise in demand for the greenback. The local currency, which has come under pressure in recent days, fell...

Naira May Depreciate To 475/$, Says Rewane         The naira will weaken in the parallel market as oil prices stay at $40-$42 per barrel and likely depreciate to 470-475 against the dollar in November and December, the Managing Director/Chief Executive Officer, Mr Bismarck Rewane, has said. Rewane...

Naira Gains, Exchanges For N457/$       The naira gained slightly, as it exchanged to the dollar at N457/$ at the parallel market on Tuesday. It had earlier exchanged at N465/$ a week earlier. The President, Association of Bureaux De Change Operators, Alhaji Aminu Gwadabe, said, “The intervention sales...

Manufacturers’ Outstanding Dollar Demands Hit $729,450,430       The inability of manufacturers to access foreign exchange for the importation of raw materials, equipment and machinery has led to a backlog of dollar-denominated letters of credit valued at $729,450,430. Data obtained from the Manufacturers Association of Nigeria showed that...

'Naira Depreciation In Parallel Market To Continue'       Analysts have predicted that the depreciation of the naira in the parallel market will continue due to back-log of unsatisfied demand for dollars. They also cited rising dollar demand owing to increased economic activities due to reduction in COVID-19...

CBN Decries Speculation As Naira Plunges, Exchanges For 465/$       Declining export receipts from oil and speculative activities of the Bureau De Change operators among other challenges of the COVID-19 pandemic on the economy will put more pressure on the naira. The Central Bank of Nigeria said...